Frequently Asked Questions

Investor Relations

What is a real estate investment trust (“REIT”)? How many people invest in REITs? How does a company qualify as a REIT? What should shareholders know about REIT tax reporting and the taxation of REIT dividends?

What is a real estate investment trust (“REIT”)?

A REIT is a company dedicated to owning, and in most cases, operating income-producing commercial real estate such as office, industrial / distribution, warehouse, healthcare and retail properties. Some REITs also engage in financing real estate.

How many people invest in REITs?

An estimated 87 million Americans own REIT shares through their retirement savings or other investment funds. (source: Nareit)

How does a company qualify as a REIT?

To qualify as a REIT a company must:

Invest at least 75 percent of its total assets in real estate, cash, and government securities
Derive at least 75 percent of its gross income from rents from real property, interest on mortgages financing real property or from sales of real estate
Pay at least 90 percent of its taxable income in the form of shareholder dividends each year
Have a minimum of 100 shareholders
Have no more than 50 percent of its shares held by five or fewer individuals

REITs generally pay little or no U.S. corporate income taxes because they are able to deduct dividends they pay from their taxable earnings.

What should shareholders know about REIT tax reporting and the taxation of REIT dividends?

For REITs, dividend distributions for tax purposes are allocated to ordinary income, capital gains and return of capital, each of which may be taxed at a different rate. Currently, the maximum capital gains tax rate of 20 percent applies generally to the sale of REIT stock. All public companies, including REITs, are required early in the year to provide shareholders with information clarifying how the prior year's dividends should be allocated for tax purposes.

Tax information is reported on Form 1099-DIV. Shareholders should contact a tax professional for tax-related questions.

What is a net lease REIT? What is straight-line rent (“SLR”) and Why do REITs report it? What is EBITDA? What is a capitalization rate or “cap” rate? What is the initial capitalization rate or initial “cap” rate? What is an “average GAAP capitalization rate” or “average GAAP cap rate?”

What is a net lease REIT?

In commercial real estate, a net lease is a lease in which in addition to rent the tenant is required to pay a portion, or all, of the taxes, insurance and maintenance costs for a property during the lease term:

	Property Taxes	Property Insurance	Property Maintenance and Repairs
Net Lease	Tenant Responsibility
Double Net Lease or NN Lease	Tenant Responsibility	Tenant Responsibility
Triple Net Lease or NNN Lease	Tenant Responsibility	Tenant Responsibility	Tenant Responsibility

GNL owns and invests in commercial properties, principally in the U.S., United Kingdom, and Western Europe, that are net leased to the tenant.

What is straight-line rent (“SLR”) and Why do REITs report it?

Real estate companies such as REITs "straight line" rents because generally accepted accounting principles require it. Straight-lining averages the tenant's rent payments over the life of the lease.

What is EBITDA?

Earnings Before Interest, Taxes, Depreciation and Amortization.

What is a capitalization rate or “cap” rate?

The capitalization rate is the rate of return on an investment property. It is calculated as the net operating income earned on a property divided by the purchase price of the property.

What is the initial capitalization rate or initial “cap” rate?

The initial capitalization rate is the rate of return generated by a newly acquired investment property at the time of acquisition. The initial capitalization rate does not take into account future factors such as rent escalators.

What is an “average GAAP capitalization rate” or “average GAAP cap rate?”

An average GAAP capitalization rate is a rate of return on a real estate investment property based on the expected, annualized straight lined rent that the property will generate under its existing lease. A GAAP capitalization rate is calculated by dividing the annualized straight lined rent the property will generate (before debt service and depreciation and after fixed costs and variable costs) and the purchase price of the property

When does Global Net Lease’s fiscal year end? How can I get a get a copy of Global Net Lease, Inc.’s SEC filings? How can I view Global Net Lease, Inc.’s investor presentations? Who is on the board and leadership team for Global Net Lease, Inc.? What are Global Net Lease’s ticker symbols and where does it trade? When did Global Net Lease, Inc.’s stock list on the New York Stock Exchange? What are GNL’s CUSIP numbers? How can I purchase shares of GNL common or preferred stock? Who is GNL’s stock transfer agent? Does Global Net Lease, Inc. pay a dividend on its common stock or preferred stock? At what rates and how often are dividends paid? Where will GNL pay my common stock or preferred stock dividends? Can GNL’s common stock dividend be used to buy more shares? If so, can this purchase happen automatically? How can I get a copy of my Form 1099-DIV? How can I be notified of new developments at GNL.? Who can I contact if I have additional questions about GNL?

When does Global Net Lease’s fiscal year end?

GNL’s fiscal year ends on December 31st.

How can I get a get a copy of Global Net Lease, Inc.’s SEC filings?

GNL’s SEC filings can be viewed within the “Investor Relations” section of this website under “Filings and Financials” (link) or on the SEC’s website at www.SEC.gov.

How can I view Global Net Lease, Inc.’s investor presentations?

GNL’s Investor Presentations can be found within the “Investor Relations” section of this website under “News and Events.” (link). GNL also generally furnishes all Investor Presentations as exhibits to SEC filings, which are available as described above.

Who is on the board and leadership team for Global Net Lease, Inc.?

Board of Directors:

P. Sue Perrotty - Non-Executive Chair / Independent Director
Edward G. Rendell - Independent Director
Abby M. Wenzel - Independent Director
M. Therese Antone - Independent Director
James L. Nelson – Director
Michael Weil – Director

See here for director biographies: (link)

Management Team:

James L. Nelson - Chief Executive Officer and President
Christopher Masterson - Chief Financial Officer, Treasurer and Secretary
Jason Slear - Executive Vice President, Acquisitions
Jacqui Shimmin - Managing Director
Alex Wagstaff - Vice President, Asset Management

See here for management biographies: (link)

What are Global Net Lease’s ticker symbols and where does it trade?

GNL trades on the New York Stock Exchange and has three classes of publicly traded shares:

Common stock: NYSE: GNL
Series A preferred stock: NYSE: GNL.PRA
Series B preferred stock: NYSE: GNL.PRB

When did Global Net Lease, Inc.’s stock list on the New York Stock Exchange?

GNL’s common stock listed on the NYSE on June 2, 2015.
GNL’s Series A preferred stock listed on the NYSE on September 7, 2017.
GNL’s Series B preferred stock listed on the NYSE on November 26, 2019

What are GNL’s CUSIP numbers?

The CUSIP for GNL’s common stock is 379378201
The CUSIP for GNL’s Series A preferred stock is 379378300
The CUSIP for GNL’s Series B preferred stock is 379378409

How can I purchase shares of GNL common or preferred stock?

Please contact your financial advisor or broker to discuss investing in GNL. Shares must be purchased through a registered broker-dealer.

Who is GNL’s stock transfer agent?

GNL's transfer agent is American Stock Transfer (AST). Shareholders who hold shares directly on AST's books may contact AST as follows

Website	www.amstock.com
Email	help@astfinancial.com
Telephone	(866) 822-1236
Written Inquiries	Global Net Lease c/o American Stock Transfer & Trust Co 6201 15th Ave Brooklyn, NY 11219

Does Global Net Lease, Inc. pay a dividend on its common stock or preferred stock? At what rates and how often are dividends paid?

Yes. GNL pays dividends on both classes of stock. Please see below for details:

Type	Dividend Frequency	Quarterly Rate per Share	Rate per Share (annualized)
Common (NYSE:GNL)	Quarterly	$0.40	$1.60
Series A Preferred (NYSE:GNL.PRA)	Quarterly	$0.353125	$1.8125
Series B Preferred (NYSE:GNL.PRB)	Quarterly	$0.429688	$1.7188

GNL anticipates paying dividends on its common stock on a quarterly basis in arrears on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stock holders of record on the record date for such payment. Dividend payments are dependent on the availability of funds. GNL’s board of directors may alter the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. There is no assurance that GNL will continue to declare and pay dividends at the current rates.

To view GNL’s historical common stock dividends please click here: (link)

Dividends on the preferred stock are payable quarterly in arrears to preferred stock holders of record at the close of business on the applicable record date and payable on the 15th day of the first month of each fiscal quarter (or, if not a business day, the next succeeding business day).

Where will GNL pay my common stock or preferred stock dividends?

If you hold your shares in your own name through GNL's transfer agent, American Stock Transfer, you will receive payment each quarter directly from AST. Checks are mailed to the address of record.
If you hold your shares in a brokerage account, your dividend will be deposited directly into your account by that brokerage firm.

Can GNL’s common stock dividend be used to buy more shares? If so, can this purchase happen automatically?

GNL does not have a dividend reinvestment program. Please contact your broker directly to inquire whether your brokerage firm can facilitate a program whereby you can invest your dividends automatically in additional GNL shares.

How can I get a copy of my Form 1099-DIV?

Shareholders who own GNL shares in a brokerage account should contact that brokerage firm to request a Form 1099-DIV copy.
Shareholders whose shares are held on the books of GNL's transfer agent, American Stock Transfer ('AST'), may contact AST to request a Form 1099-DIV.

Website	www.amstock.com
Email	help@astfinancial.com
Telephone	(866) 822-1236
Written Inquiries	Global Net Lease c/o American Stock Transfer & Trust Co 6201 15th Ave Brooklyn, NY 11219

How can I be notified of new developments at GNL.?

Please click GNL E-Mail Notification Options to receive periodic communications and filing alerts from GNL via e-mail.

These notifications include including press releases, investor presentations, quarterly Forms 10-Q and annual Forms 10-K filings as well as quarterly earnings call announcements.

Who can I contact if I have additional questions about GNL?

You may reach GNL's investor relations department as follows:

E-Mail	investorrelations@globalnetlease.com
Telephone	(917) 475-2153
Written Inquiries	Global Net Lease 650 Fifth Avenue, 30th Floor New York, NY 10019

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Questions Specific to Global Net Lease (GNL) and our Business

REITs, in general

Real estate investment trusts or REITs are companies that own or finance income-producing real estate in a range of property sectors. These companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. REITs are a practical way for all investors to invest in large-scale, income-producing, professionally managed companies that own commercial real estate such as office, industrial / distribution, warehouse, healthcare and retail properties. Some REITs invest throughout the country or, in some cases, throughout the world. Others specialize in one region or even a single metropolitan area.

REITs are real estate working for you. Through the diverse array of properties they own, finance and operate, REITs help provide the essential real estate we need to live, work and play. REITs of all types collectively own more than $3 trillion in gross assets across the U.S., with stock-exchange listed REITs owning approximately $2 trillion in assets. U.S. listed REITs have an equity market capitalization of more than $1.4 trillion. In addition, an estimated 87 million American own REITs through their retirement savings and other investment funds.

(source: Nareit’s REITs by the Numbers)

REITs are total return investments as they typically a) offer current income through the distributions they pay and b) offer the potential for moderate, long term capital appreciation. Here are answers to fundamental questions about REITs.